Bank unions defer strike on Wednesday as IBA raises offer by 1.5%

IBA offered a hike of 12.5% compared to the earlier 11%; negotiations to continue tomorrow

Bank employee unions have deferred their one-day strike planned for Wednesday, with bank managements improving their wage increase offer to 12.5 per cent from 11 per cent announced earlier, said C H Venkatachalam, general secretary, All India Bank Employees Association.

Bank Unions have also climbed down from their stated demand of 23 per cent wage increase to 19.5 per cent.

The negotiations between the unions and management representatives on wage hike and other issues will continue on Wednesday.

The United Forum of Bank Unions, the umbrella organisation of nine bank employees and officers unions, is in talks with the Indian Banks’ Association for wage raises and improvement in working conditions.

Wage revision of public-sector bank employees remains due since November 2012. The talks for wage revisions had begun in October 2012.  

“We have scaled down our demand from 25 per cent to 23 per cent (wage hike) and further to 19.5 per cent. We want a respectable hike in line with inflationary pressure," said Ashwini Rana, general secretary, National Organisation of Bank Workers. To press their demand, the unions had resorted to a four-day rotational strike between December 2 and 5, 2014. There are 27 public-sector banks in India with a combined employee strength of about 800,000.

There are about 50,000 branches of these banks across the country.